Brokers’ Call: Angel Neutral on Punj Lloyd

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Angel Broking has maintained its 'Neutral' rating on Punj Lloyd. The company's shares closed at Rs 49.25, down 5.5 per cent on NSE on Tuesday.

For 3QFY13, Punj Lloyd (Punj) posted a mixed set of numbers. The performance at the revenue front was subdued, however, a higher share of profits from associates led to profitability at the earnings level.

"The company has secured orders worth Rs 1,300 crore in 3QFY2013, taking its order backlog to Rs 23,690 crore (2.0x FY13 revenue). However, we maintain our 'Neutral' view on the stock on account of various overhangs - uncertainty over receivable claims, stretched working capital and increasing leverage on the balance sheet," the report said.